Supervision of Registered Representatives in a Bank Broker Dealer

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Presentation transcript:

Supervision of Registered Representatives in a Bank Broker Dealer FIRMA San Francisco Conference March 31, 2010

Topics of Discussion Regulatory Environment Creating and Maintaining a Supervisory Hierarchy Compliance Evaluating Risk

Regulatory Environment Which Regulators is your firm subject to? What are the regulatory hot topics? What is the regulatory requirement surrounding supervision of registered representatives? ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Regulatory Perspective FINRA / NASD Rules 3130, 3010, and 3012 form a complementary supervisory scheme: Rule 3130 requires a CEO to CERTIFY that the firm has a PROCESS to adopt adequate supervisory polices and procedures. Rule 3010 requires the establishment of a supervisory system and ADOPTION of adequate Written Supervisory Policies and Procedures. Rule 3012 requires firms to TEST and verify supervisory procedures; and, if necessary AMEND policies and procedures.

Role of a Supervisory Principal Supervision of the activities of registered representatives Review and approval of sales activities Review communications Ensure that all registered representatives have required registrations Ensure that all registered representatives are provided the necessary training Ensure that branch records are maintained for the required retention period

Supervisory Structure Written Supervisory Procedures Internal Inspections Correspondence Review Transaction Review ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Supervisory Hierarchy Creation of Hierarchy System Maintaining the Hierarchy Supervisory Principal Qualifications How Important is this- Enforcement History?

How to Ensure Compliance with Policies and Procedures Branch/Office of Supervisory Jurisdiction Inspections Written Supervisory Procedures FINRA Rule 3012, Heightened and Enhanced Supervision Surveillance Documentation Hiring Registered Representatives and Supervisory Principals Training Communication Flexibility and Willingness to change as your business changes

Evaluating Risk Clear Definition of Types of Risk Specific to Your Business Use Regulatory Enforcements as a Learning Tool

Supervision Trade Review Customer Contact Surveillance Reports Trainings Continuing Education Seminars and Public Speaking Engagements Gift and Entertainment Policy Supervisory Structure Complaints Hiring Heightened and Enhanced Supervision Branch and OSJ Visits OSJ Inspections Branch Inspections Communications with the Public

Questions?